The British Pound continued to push higher against the Japanese Yen, breaking resistance at 166.17 marked by the 23.6% Fibonacci retracement to expose the underside of a falling channel set from mid-December (now at 167.10). This barrier is reinforced by the 38.2% level 167.60. Pushing above the latter level exposes the 50% Fib at 168.75. Alternatively, a reversal back below 166.17 targets the
Risk/reward considerations argue against taking a trade at current levels with prices wedged tightly between relevant near-term support and resistance levels. We will opt to stand aside for now, waiting for the pair to yield a more attractive setup.